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By the Numbers: Getting More From Your Diamonds

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David Brown sales data diamond ring sales results

While overall sales continued to climb in August, rising 13 percent to $105,769 from $93,458 in the same month last year, a dip in average sale (from $292 to $271) and a decline in margin squeezed profitability at the typical U.S. jeweler. The data suggest jewelers are working harder than they need to be and underscore the need for store owners to get more out of their diamond departments. To be sure, diamond sales continue to do well; on a 12-month rolling basis they were up from an average of 300 units at the start of 2013 to almost 370 in August 2014. But there is still room for improvement. Here are three ways to get more out of your diamond sales:

Shop the competition. What are they doing right? What can you do better? It surprises me how few jewelers do this.

Revisit your inventory. Are you fully committed to your diamonds? Do you review product regularly? Do you look to re-price items that are slow moving, or that are selling fast? Do you move your displays regularly? Does the product look tired?

Check your staff. When was the last time you had your team mystery-shopped? Do they know how to effectively close a diamond sale? Do you show specific diamond jewelry at meetings and offers tips on how to sell it? Pull out these old pieces, incentivize them and get them moving again.

David Brown monthly store sales graphic

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Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy (edgeretailacademy.com).

This article originally appeared in the November 2014 edition of INSTORE.

 

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She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”

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David Brown

By the Numbers: Getting More From Your Diamonds

mm

Published

on

David Brown sales data diamond ring sales results

While overall sales continued to climb in August, rising 13 percent to $105,769 from $93,458 in the same month last year, a dip in average sale (from $292 to $271) and a decline in margin squeezed profitability at the typical U.S. jeweler. The data suggest jewelers are working harder than they need to be and underscore the need for store owners to get more out of their diamond departments. To be sure, diamond sales continue to do well; on a 12-month rolling basis they were up from an average of 300 units at the start of 2013 to almost 370 in August 2014. But there is still room for improvement. Here are three ways to get more out of your diamond sales:

Shop the competition. What are they doing right? What can you do better? It surprises me how few jewelers do this.

Revisit your inventory. Are you fully committed to your diamonds? Do you review product regularly? Do you look to re-price items that are slow moving, or that are selling fast? Do you move your displays regularly? Does the product look tired?

Check your staff. When was the last time you had your team mystery-shopped? Do they know how to effectively close a diamond sale? Do you show specific diamond jewelry at meetings and offers tips on how to sell it? Pull out these old pieces, incentivize them and get them moving again.

Advertisement

David Brown monthly store sales graphic

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy (edgeretailacademy.com).

This article originally appeared in the November 2014 edition of INSTORE.

 

Advertisement

SPONSORED VIDEO

She Wanted to Spend More Time with Her Kids. She Called Wilkerson.

Your children are precious. More precious than gold? Absolutely! Just ask Lesley Ann Davis, owner of Lesley Ann Jewels, an independent jewelry store that — until the end of 2023 — had quite a following in Houston, Texas. To spend more time with her four sons, all in high school, she decided to close her store. Luckily, she was familiar with Wilkerson and called them as soon as she knew she wanted to move on to bigger, better and more family-focused things. Was she happy with her decision? Yes, she was. Says Davis, “Any owner looking to make that life change, looking to retire, looking to close, looking for a pause in their career, I would recommend Wilkerson. Hands down!”

Promoted Headlines

Most Popular